Techs got swept up in the Dow's wake at midday on Thursday as investors cashed in ahead of the holiday weekend. The Nasdaq dropped 11 to 2,415 and the @Net fell 6 to 287. The Dow Jones industrial average sank 1.8 percent, down 187, to 10,512.
The broader indexes suffered after the preliminary gross domestic product for the first quarter reported a 4.1 percent increase. The initial figure reported at 4.5 percent increase. Both data indicated that the economy has accelerated faster than experts expected and may mean an interest rate hike in the near future. The Federal Reserve left rates unchanged at 4.75 percent at its May 18, yet indicated that it was leaning towards a rate hike in the future.
International Business Machines Corp. (NYSE: IBM) dropped 2 3/8 to 115 3/4 on analysts' concerns that cheaper PCs and slower growth of the consumer market could hurt vendors. Dell Computer Corp. (Nasdaq: DELL) lost 3/8 to 34 3/16 and Gateway Inc. (NYSE: GTW) declined 7/16 to 60 7/16.
Oracle Corp. (Nasdaq: ORCL) dipped 1/8 to 23 5/16. Microsoft Corp. (Nasdaq: MSFT) added 3/8 to 78 7/8 and Computer Associates International Inc. (NYSE: CA) lost 1 1/16 to 43 13/16.
There still were some high-flying Net stocks amid the sell off, however.
Autobytel.com Inc. (Nasdaq: ABTL) rose 5 5/16 to 21 1/16 after announcing strong results from its referral business. Autoweb.com Inc. (Nasdaq: AWEB) rose 2 to 16 1/16.
Healtheon Corp. (Nasdaq: HLTH) gained 8 7/8 to 95 7/8, up a second day. Shares slumped earlier this week on concerns about its product line.
StarMedia Networks Inc. (Nasdaq: STRM) rose 10 13/16 to 36 7/8, climbing for its second day in trading.
America Online Inc. (NYSE: AOL) dropped 2 5/8 to 117 11/6, Amazon.com Inc. (Nasdaq: AMZN) lost 5 3/8 to 115 9/16 and CMGi Inc. (Nasdaq: CMGI) declined 7/8 to 200 3/8.
Level 3 Communications Inc. (Nasdaq: LVTL) rose 1 13/16 to 77 3/4 after Broadcast.com Inc. (Nasdaq: BCST) agreed to use its streaming media technology. Broadcast.com slipped 2 7/16 to 102 1/8. Yahoo! Inc. (Nasdaq: YHOO), which agreed to buy Broadcast, slipped 3 7/8 to 137.
Edify Inc. (Nasdaq: EDFY), which agreed to be bought by Security First Technologies Corp. (Nasdaq: SONE), rose 1 1/16 to 10 7/8 after Intuit Inc. (Nasdaq: INTU) completed its $50 million investment in Security First. Security First gained 3 3/8 to 35 1/2.
Intel Corp. (Nasdaq: INTC) rose 1 13/16 to 53 1/2 after positive comments from Merrill Lynch and USB Piper Jaffray on Intel's prospects going forward. Advanced Micro Devices Inc. (NYSE: AMD) dipped 7/16 to 18 7/8.